Umm Al Qaiwain In March 2001 Atlantis spudded the first appraisal/development well, UAQ-3, of the Umm Al Qaiwain gas field development. The well should reach TD in July and primary objective is to establish sustainable rates from the two reservoirs in the field, the Mauddud and Thamama. Well UAQ-3 is the first well of a eight development well programme. With its partner the UAE Offsets Group, Atlantis is scheduled to begin gas production in December 2002. Ras Al Khaimah Upon the completion of the UAQ-3, Atlantis will begin drilling its exploration well RAK C-1. The well will penetrate the prospective intervals of the Cretaceous (Mishrif, Mauddud and Thamama at approximately 15,000 ft ss. Following detailed investigation including the acquisition of extensive 3D seismic surveys the company believes that over 1 Tcf of gas is potentially present in the RAK-C prospect. Additional, prospectivity is occurs in the overlying Pabdeh Formation of the Tertiary. Success at RAK C would further enhance Atlantis' position as a major suppler of gas in the northern Emirates and very significantly increase the company's value. Atlantis is currently seeking a Farm-In partner to fund the